GRAINS: March corn futures closed down 8 1/2 cents at $3.81 1/4 today. Prices closed near the session low. The key “outside markets” were in a bearish posture for corn today as the U.S. dollar index was sharply higher and crude oil prices were lower. Bulls and bears are back on a level near-term technical playing field amid recent choppy trading. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $3.75 1/4. The next upside price breakout objective for the bulls is pushing and closing prices above solid resistance at the November high of $4.01 1/4. First resistance for December corn is seen at $3.85 and then at $3.90. First support is seen at $3.80 and then at $3.75 1/4. Wyckoff’s Market Rating: 5.0
January soybeans closed down 21 1/4 cents at $9.95 3/4 a bushel today. Prices closed near the session low today and hit a five-week low. The key “outside markets” were in a bearish posture for soybeans today as the U.S. dollar index was sharply higher and crude oil prices were lower. Soybean bears have gained the near-term technical advantage. A bearish head-and-shoulders top reversal pattern is forming on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid resistance at last week’s high of $10.54 3/4 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $9.63. First resistance is seen at $10.00 and then at $10.10. First support is seen at today’s low of $9.95 and then at $9.85. Wyckoff’s Market Rating: 4.0
March soybean meal closed down $5.90 at $343.20 today. Prices closed nearer the session low. Bulls and bears are back on a level near-term technical playing field, but a bearish head-and-shoulders top reversal pattern has formed on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of $365.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $339.90. First resistance comes in at $345.00 and then at $350.00. First support is seen at today’s low of $342.30 and then at $339.90. Wyckoff’s Market Rating: 5.0
March bean oil closed down 102 points at 31.53 cents today. Prices closed nearer the session low and hit another contract low today. The key “outside markets” were in a bearish posture for bean oil today as the U.S. dollar index was sharply higher and crude oil prices were lower. Bears have the solid overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 33.98 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 31.00 cents. First resistance is seen at 32.00 cents and then at today’s high of 32.57 cents. First support is seen at today’s contract low of 31.41 cents and then at 31.25 cents. Wyckoff’s Market Rating: 1.0
March Chicago SRW wheat closed down 3 1/2 cents at $6.03 1/4 today. Prices closed near mid-range on mild profit taking after hitting a four-month high early on today. The key “outside markets” were in a bearish posture for wheat today as the U.S. dollar index was sharply higher and crude oil prices were lower. The wheat bulls have the near-term technical advantage. Wheat prices are in a two-month- old uptrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.50. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $5.50. First resistance is seen at today’s high of $6.11 3/4 and then at $6.20. First support lies at today’s low of $5.96 3/4 and then at $5.90. Wyckoff’s Market Rating: 6.0.
March HRW wheat closed down 12 cents at $6.52 1/4 today. Prices closed near the session low on profit taking after hitting a four-month high early on today. Bulls still have the near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the August high of $6.80 3/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.20. First resistance is seen at today’s high of $6.60 and then at today’s high of $6.66 3/4. First support is seen at $6.50 and then at this week’s low of $6.38. Wyckoff’s Market Rating: 6.0
March oats closed up 2 1/4 cent at $3.08 1/2 today. Prices closed nearer the session high on short covering in a bear market. Bears still have the solid near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at the November low of $2.98 1/4. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.15. First support lies at $3.05 and then at today’s low of $3.03 3/4. First resistance is seen at today’s high of $3.10 and then at $3.12. Wyckoff’s Market Rating: 1.5
